U.S. follows Nigeria’s central bank, proposes digital currency for dollar transactions

oe Biden and Cryptocurrency

The United States is considering the introduction of a U.S. Central Bank Digital Currency for dollar transactions, months after Nigeria’s central bank implemented its own digital currency, e-Naira.

On Wednesday, President Joe Biden will sign an executive order directing U.S. agencies to study possible risks attached to popularity of crypto currencies and consider the creation of a U.S. digital currency, per U.S. local media reports.

The executive order will mandate federal regulators to examine the technical needs for a digital currency and risks that the crypto market presents to the country’s consumers, investors and the broader economy.

The development comes months after the Godwin Emefiele led Central Bank of Nigeria launched Nigeria’s digital currency eNaira in October.

President Muhammadu Buhari, while unveiling the currency, said that it would increase remittances, foster cross-border trade, improve financial inclusion and enable the government to make welfare payments more easily.

The U.S. government had in January released a White Paper that explored the possibilities of creating a digital currency for the country. The paper detailed that the introduction of a digital currency could make payments cheaper and easier for consumers but might also pose a risk to the stability of the U.S. financial system.

U.S. joins Nigeria, China and other countries that recently introduced a country owned digital currency.

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